Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-038"

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"Mr President, I agree with my fellow members who said that the crisis is not over. The economic situation in numerous countries is clearly negative. Unemployment is increasing in most countries. The measures being taken to address deficits are exacerbating the crisis. Mr Trichet and Mr Rehn – and I am speaking institutionally – did you not see the crisis coming? The signs were there. When the crisis broke, you hid behind the perception that everyone had to resolve their problems on their own. Now, here you are repeating monotonously the words ‘monitoring deficits’ and ‘austerity in the Stability Pact’. In my opinion, the problem in the European Union and in Greece is not one of sound finances. You know that, in order to cover borrowing, countries such as Greece are prey to speculators but, at the same time, they reveal the institutional and political gaps in EMU. As such, I would say to you that what is needed is a change to the Stability Pact. Insisting on the application of the Stability Pact, especially in a recession, will clearly increase and exacerbate regional and social inequalities, increase unemployment and wipe out any prospects of growth."@en1
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